Oshawa Real Estate – Prices and Stats | Fivewalls

Over the past couple of decades, many cities, suburbs, and towns spanning across the GTA. Oshawa in the Durham Region has continued to sprout housing and condo developments. The demand for affordable places to live that offer substance and value continues to increase. Prospective homeowners have expanded their search beyond to Oshawa.

Thus, populations have skyrocketed drastically in Durham, resulting in thriving communities and vibrant atmospheres. This notion is most glaringly evident in Oshawa, one of the signature cities in the Durham Region. As home to both the Generals and Ontario Tech University – one of the province's most heralded institutions – Oshawa offers plenty that residents can take pride in. 

Real Estate Prices in Oshawa

Most recent reports on Oshawa real estate show the average home price of $725,000, trending upward from previous cycles. While Toronto real estate sits at an average of $875,000 doesn’t seem that far off, there are two factors to consider. For one, Toronto is in a bit of a COVID-19 lull that is sure to reverse over time, and prices will trend upward. Furthermore, Toronto homes aren't known for their abundant space—you're generally receiving more value per square foot in Oshawa. 

In 2020, it was possible to buy a home in Oshawa for $500,000—equal to a standard condo in Toronto. Spearheading Oshawa's real estate are its detached homes, ringing up at $830,000. Whereas townhouses are averaged at $626,000, and condos are $367,000.

Current Oshawa Real Estate Trends 

A primary reason real estate prices in Oshawa have jumped so dramatically in January is a lack of inventory on the market. In fact, the number of available homes in Oshawa has sunk to its lowest point in decades. 

But it’s more pressing to investigate why Oshawa is thriving while other markets face the COVID-19 brunt. 

Consider this: Oshawa’s Go-Train service is only 55 minutes from Toronto, and its price points are famously low. Thus, interest in Oshawa real estate has long been on the rise. And unlike other Canadian markets that are freefalling, the former ‘Motor City’ will go against national trends and retain demand. 

Low mortgage rates, attractive pricing, and an influx of Toronto residents seeking suburban refuge have turned Oshawa’s real estate into a magnet for home buyers. Despite the real estate market stalling in Spring 2020 after the pandemic, the summertime more than made up for it with record sales. 

Real estate momentum in Oshawa continued toward year-end in 2020; there were 75 homes for sale with 232 sales. Compare that to the year before where there were 252 detached homes for sale and 166 sales, and you can see the momentum. 

Expect Bidding Wars for Oshawa Real Estate

Competitive pricing points in Oshawa and rising market demand seem to be the two key ingredients in fostering a bidding-war environment. Provided you're interested in an Oshawa property, expect to go toe-to-toe with other potential homebuyers.

What Kinds of Homebuyers are Moving to Oshawa?

Frequent homebuyers of Oshawa homes are young people leaving Toronto and trying to find more for less. There's still straightforward access to Toronto – and all it offers – because of the Go service, combined with larger homes at far more affordable prices.

There are also Durham lifers, done with renting or living with their parents. They're growing up and starting families. So, buying a home is a top priority. Given the low prices, these people can stay in the city they've always loved while enjoying its incredible quality of life. Plus, new Canadians seeking their start are attracted to the employment opportunities and low-priced dwellings in the city. 

What is the Property Tax Rate in Oshawa?

Last year’s residential property tax rate in Oshawa was 1.288498 %. Keep in mind, your final property tax amount is based on the Oshawa final property tax rate and the Municipal Assessment Corporation (MCAP) property assessed value.

What is the Land Transfer Tax in Oshawa?

Based on Oshawa's current trending home price, the city's average land transfer tax is $10,975.

Best Neighbourhoods in Oshawa for Real Estate

Here are the top 4 neighbhorhoods in Oshawa:

Donevan
This Eastern Oshawa neighbourhood borders on Courtice, near the 401. Shopping of all types is only a stones-throw away in Donevan. There's also a new townhome development steadily expanding at Harmony and Olive, spearheaded by Symphony Towns Developing. Once people move to Donevan, they don’t leave as indicated by low home turnover and a 76% homeownership rate (instead of short-term renters). 

McLaughlin
McLaughlin is rich with history, inhabited by homeowners who’ve owned their property since the 1960s. Here’s what makes this neighbourhood in Oshawa highly desirable for families:

• The community is firmly bonded and peacefully tranquil.
• There are seven public schools and four catholic schools.
• There are 16 parks. 

Furthermore, many of the homes are 1960s-style bungalows and side splits. Investors aiming to convert single-family homes into duplexes are attracted to this lucrative characteristic. 

Vanier
Investors and homeowners are both incredibly attracted to the Vanier community in Oshawa. Primarily, this interest stems from location, given the neighbourhood’s close proximity to the following focal points:

• The Oshawa Center shopping mall
• The 401/407 highways and Thornton Rd.
• The Oshawa Go Station

Most of the homes and developments in Vanier were made from 1960 to 1990—giving it a lived-in charm. With Durham Transit and the Go Station easily accessible, Vanier’s residents don’t even need to own a car to get around town. 

O’Neil
From $400,000 bungalows to seven-figure estate homes, O'Neil gives interested homebuyers plenty to choose from. Home to the Oshawa Hospital and the famous Parkwood Estate (where some of the X-Men movies were filmed), this neighbourhood mixes convenience with an undeniable cache. Often viewed as the heart of Oshawa, O'Neil boasts nine public schools, four catholic schools, one private school, and nine parks.  

A Strong Sense of Community in Oshawa

Oshawa is one of those cities that exhibits the core value that's always been the foundation of Canada's thriving culture: your neighbours will stand by your side. Namely, 90% of people from the city admitted to having a neighbour they rely on in times of need. This sense of unity has resulted in a dwindling crime rate that's almost non-existent. Parents of young children have been moving to Oshawa in droves. 

Anyone living in Ontario for even a brief amount of time would likely know about the Oshawa Generals. The Ontario Hockey League standout team has won five memorial cups. Meaning the Generals have given loyal fans (i.e., the Oshawa community) plenty to cheer about and a reason to forge bonds. 

Oshawa’s Thriving Startup Hub

Oshawa used to be known as ‘Motor City.’ While jobs involving cars are abundantly available, Oshawa has also developed its reputation for innovation. Post-secondary institutions Oshawa frequently collaborate with private industry partners. These partnerships generate innovative business solutions. As a result, local companies are growing more competitive in the tech space. This growing trend has led to Oshawa being ranked above heavyweights Toronto and Vancouver as a technology hub—especially in the Health industry. 

What Are the Demographics in Oshawa?

Married couples – or partners in a civil union – comprise almost 43% of Oshawa's population—much to the city's advantage. Generally, these partnerships are conducive to substantial incomes and higher net worth and average gains. Beyond that, these residents contribute to the community vibes, burgeoning local economy, and the job market. These advantages tend to result from parents wanting to foster an environment that's best for their children. 

The Black community makes up the most sizeable visible minority population at 38.26%. South Asians make up 6,035 people, while Chinese comprise nearly 10% of the visible minority population. Furthermore, Oshawa residents' median age is 41, meaning there's a healthily diverse mix of people across all neighbourhoods.

What are the Top Schools in Oshawa?

Here are the top elementary schools in Oshawa:

1.    École élémentaire Antonine Maillet 
2.    Northern Dancer Public School
3.    Kedron Public School
4.    St Hedwig Catholic School
5.    St Christopher Catholic School

Here are the top high schools in Oshawa:

1.    Maxwell Heights Secondary School
2.    Monsignor John Pereyma Catholic Secondary School
3.    Eastdale Collegiate and Vocational Institute
4.    O’Neill Collegiate and Vocational Institute
5.    Monsignor Paul Dwyer Catholic High School

Post-Secondary Institutions in Oshawa
Beyond that, Durham College has always been a big selling point for Oshawa—providing a local option for post-secondary residents. And its co-located counterpart, Ontario Tech University, continues to establish itself as a reputable engineering school. 
 

Other Real Estate Resources You May Be Interested In

A Guide on How to Buy A Home

First Time Home Buyer Incentives and Tips in Canada

Land Transfer Tax in Ontario

Land Transfer Tax in British Columbia

Mortgage Pre-Approval Process in Canada

What is Title Insurance?

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